NVA vs Mars vs Thrive: Deal Terms, Culture & Multiples Compared

If your EBITDA has crossed the $500K mark or you’re in a competitive urban market, chances are NVA acquisition offers are already in your inbox. The same goes for Mars and Thrive, but the timing of when you engage and how you evaluate those offers can create or cost you hundreds of thousands.

The differences between these buyers go far beyond the headline multiple. Some deals are structured with long earn-outs, others with equity incentives that only pay off years later. 

Control, culture, and the post-sale handover all vary, and that’s where many owners misjudge the real value of the offer. We’ll walk through what’s important, so your decision is grounded in more than a number.

How NVA Acquisition Offers Are Structured

NVA presents structured deals that combine a significant cash payout upfront with equity options in their parent organization.

NVA acquisition offers are built from three main financial components: 

✅Immediate cash
✅Deferred performance payments, and
✅The option to hold equity in NVA’s parent entity

Understanding each of these components is important for a clinic owner preparing for sale, because they affect both how much money arrives at closing and how long you remain tied to the practice.

Component	Typical Range	Why it’s Important
Cash at Closing	70% – 85% of the total price	It is paid when the deal closes, and it provides liquidity for taxes, debt repayment, or any new investments.
Performance‑Linked Portion	10% – 20% is tied to revenue or EBITDA	It is paid out if agreed targets are achieved over 1-3 years.
Equity in NVA’s Parent	10% to 30% optional	It lets you share in NVA’s future recapitalization, but delays part of the payout.

Note: The figures mentioned above reflect typical structures seen in select NVA transactions and may vary by clinic profile and negotiation.

The balance between these components changes by EBITDA size, team depth, and service mix.

For example:

• A clinic with $1.5M EBITDA and multiple DVMs often secures a higher cash portion and lighter performance conditions.
  
• Solo‑owner clinics usually see stricter performance clauses and a smaller upfront payment.

Preparing detailed financial records, staff retention plans, and growth forecasts before negotiations can shift more of the deal into cash at close and reduce restrictive clauses.

Mars Veterinary Health Buyout Terms Explained for Sellers

If you’re reviewing offers, you’ll notice that Mars Veterinary Health buyout terms are designed for full exits. The whole transaction is dealt in cash and is paid at the time of closing. For sellers who don’t want long-term financial ties, this model reduces risk. There’s no dependency on future clinic performance or secondary payouts.

Mars offers 100% cash deals, so sellers get the entire agreed-upon purchase price at the time of closing. There aren’t any performance-based earn-outs or equity options. Though this simplifies the process, it also removes the chances of a second payout, something that PE-backed groups like NVA may offer.

Here’s what most Mars offers look like:

Deal Element	Mars Standard Terms
Upfront Cash	100% at the time of closing
Earn-Outs	Not included
Equity Option	Not offered
Post-Sale Role	Transition period only; often limited

Note: Terms listed are representative of common Mars offers but may differ based on market and practice type.

The simplicity of the numbers often comes with stricter post-sale requirements:

• Clinics are integrated into Mars sub-brands (Banfield, VCA, BluePearl)
• Owners usually have limited say in how things run after the sale
• Team structures, software systems, and protocols are standardized across the network

This model may suit sellers looking to fully exit with minimal post-sale involvement. However, before moving forward with any offer, especially one that promises a clean break, it’s worth understanding why the vet market has shifted and how that affects real deal terms. It could change what you accept (or negotiate) in the final agreement.

What Sellers Need to Know

• Mars rarely includes performance-based earnouts
• There’s little to no option to retain brand identity
• Transition periods are short; most owners exit within 6-12 months
• Support is operational, but not deeply personal or hands-on
• They value low-risk, stable clinics with strong EBITDA

Tip for Vet Clinic Owners: Don’t expect to co-write the rules. Mars has done this hundreds of times and runs the process on rails.

Thrive Pet Healthcare Multiples: How They Value Practices

When sellers refer to a Thrive Pet Healthcare multiple, they’re usually asking what EBITDA number Thrive is willing to pay and under what conditions. 

In the past 18 months, Thrive has paid between 6x and 10x EBITDA, depending on the size, stability, and team structure of the clinic. Multiples at the higher end typically go to multi-DVM practices generating $1.5M+ in adjusted EBITDA with strong growth.

Key valuation drivers include:

• DVM count (2-3+ preferred over solo)
• Urban/suburban location
• Low owner dependence
• Consistent 18-24 month EBITDA track record

What makes Thrive unique is its flexibility in structure. It may not always offer the highest headline multiple but is often more open to creative terms, lighter retention obligations, and some degree of practice-level decision-making post-sale.

Thrive is particularly interested in practices that show consistent month-over-month growth, strong leadership retention, and an openness to clinical collaboration. The more scalable the operation, the more flexible the deal becomes.

Factor	Influence on Multiple
Consistent revenue growth	1x or more
High team retention	0.5x – 1x
Location in high-growth ZIP	0.5x
Specialty services offered	1x – 2x
Owner’s willingness to stay	Negotiation leverage

Note: These figures mirror recent market trends and should be taken as reference points, not certainties.

The model works best for practice owners who want to stay involved, lead their team, and grow the clinic under a larger umbrella. Thrive is inviting sellers to be part of a bigger system. But with that comes expectation. 

You’ll likely be asked to commit for 12-24 months and deliver results that trigger your earnout. They’re selective about who they partner with to ensure the clinic will thrive long-term.

Comparing Valuation Multiples: NVA vs. Mars vs. Thrive

When comparing valuation multiples from NVA vs Mars vs Thrive, it’s important to stop thinking in flat numbers. Each group applies its own risk and is built around how your EBITDA is generated, who’s driving it, and if that revenue will continue once the owner exits.

At first glance, you’ll see something like:

Buyer	Common Multiple Range	Key Info
NVA	7x – 11x EBITDA	– Offers 6x – 8x EBITDA, nearly always in cash – Low risk for the seller (cash upfront), but also low tolerance for exceptions – Doesn’t flex much for growth or leadership depth – Integration is rigid: they pay, take over, and standardize quickly
Mars	6x – 8x EBITDA	– Offers 6x – 10x, with wide variability depending on team, margin, and location- Open to some negotiation on structure (shorter earn-outs, lighter retention)- Pays more for well-documented financials, clean add-backs, and clinic autonomy – May include minority equity, depending on the seller’s post-sale involvement
Thrive	6x – 10x EBITDA	– Offers up to 11x, but only when retention, associate team, and EBITDA are excellent- Usually, it includes a combination of cash, equity rollover, and performance-based payouts- Works best for sellers open to staying 2-3 years and participating in growth

Note: These multiples are based on observed deal ranges and may vary depending on EBITDA quality, geographic location, and buyer-specific factors such as acquisition strategy, risk appetite, and market conditions.

But here’s what those ranges don’t tell you:

1. NVA adjusts multiples based on the risk of handoff. If the seller handles 90% of production and plans to exit quickly, the offer may skew toward 7x with a high earn-out. But if that same clinic has two associates producing $600K+ each and stable year-over-year margins, that number may rise above 9x with equity built in.
   
2. Mars applies a flatter range but moves fast. Mars doesn’t exceed 8x, regardless of EBITDA growth or referral value. However, deals close faster, with no earn-outs or equity mechanics. That simplicity appeals to owners seeking a definitive exit but comes at the cost of upside.
   
3. Thrive adjusts its offer based on leadership and margin depth. Thrive tends to reward clinics with internal management (e.g., lead DVMs or practice managers) and steady 20%+ EBITDA margins. In some cases, clinics that might get 8x from Mars can secure 9x-10x from Thrive if the operational handoff risk is low.

So while the headline number is useful, what matters more is what drives the variation inside that range.

Real Example Breakdown

Clinic Type	EBITDA	Likely Offer (NVA)	Likely Offer (Mars)	Likely Offer (Thrive)
Solo DVM, rural	$700K	6.5x w/earn-out	6x cash	6.5x – 7x flexible
2-DVM suburban	$1.2M	8.5x w/equity	7.5x cash	8x – 9x
4-DVM urban	$2M+	10.5x	8x	9.5x – 10x

Note: Scenarios shown here are based on common deal profiles. So, the actual outcomes may vary.

Before anchoring on multiples, sellers should evaluate how their internal structure, financial controls, and leadership depth affect perceived risk.

Company Culture: NVA vs Mars vs Thrive Integration Models

The highest multiple doesn’t mean much if you’re locked into a system that doesn’t reflect your values or your team’s. When evaluating NVA vs Mars vs Thrive integration models, owners need to consider how each buyer handles autonomy, systems, and post-sale support. These differences show up fast after the deal closes.

Buyer	Clinical Autonomy	Team Disruption	Centralization	Cultural Fit
NVA	Moderate – High	Low – Moderate	Partial	Good for clinics that value light oversight and phased alignment
Mars	Low	High	Full	Best for owners who want a fast handoff and are ready to walk away
Thrive	Medium – High	Moderate	Structured but flexible	Suits clinics with strong internal teams that want support, not control

Let’s break it down:

• NVA allows for more flexibility. Your team can keep current workflows, but shared services (HR, finance) may gradually shift. Many sellers stay involved in clinical leadership, especially when equity rollover is part of the deal.
  
• Mars standardizes nearly everything, right from treatment protocols to vendor relationships. Your clinic will be folded into a larger corporate structure with less say over how things run. It works best for owners ready for a full departure.
  
• Thrive often builds around your existing staff. You’ll receive support systems and resources, but can keep most of your internal processes. This makes it a strong match for multi-DVM clinics with defined management roles already in place.

Multiples & Valuations: How Consolidators Price Veterinary Practices

One of the first things practice owners ask when approached by a consolidator is, “What multiple should I expect?” It’s a fair question, but the answer isn’t just a number. 

Multiples used in veterinary practice valuations are built on layers, which include: 

• EBITDA
• Team strength
• Location
• Revenue consistency
• The owner’s willingness to stay post-sale

Groups like NVA, Mars, and Thrive all approach valuation with their own criteria. While the industry-wide range generally sits between 6x and 10x EBITDA, not every practice falls neatly in that window. 

A highly efficient clinic with low overhead, strong margins, and growth potential may get pushed to the top. One with inconsistent records or turnover issues may land lower or get passed over.

What Really Drives Your Multiple

• EBITDA quality: Should show how stable and recurring it is
• Clinic size and service mix: General wellness vs. dental, surgery, urgent care
• Geographic demand: Practices in underrepresented or high-growth areas
• Team structure: Retention, leadership, and clinical independence
• Owner involvement: Whether you’re exiting or staying post-deal

Buyer Type	Common Multiple Range	Notes
Private Equity-Backed	7x – 13x+ EBITDA	More flexibility, especially with growth clinics
Corporate Groups	6x – 8x+ EBITDA	Often lower for smaller clinics
Hybrid / Earnout Model	6.5x – 9.5x+ EBITDA	Tied to future performance, not just history

Note: Non-compete terms vary widely and are specific for each deal.

Negotiating NVA Acquisition Offers vs Other Consolidators

If you’ve received an offer from NVA, Mars, or Thrive, you already know that the starting number doesn’t tell the full story. What really matters is what’s negotiable. That’s where sellers either protect their upside or leave money and freedom on the table.

NVA tends to keep the door open. Their process has room to adjust, and that could mean shifting timelines, adjusting your role post-sale, or tweaking the balance of cash and equity. You still need to come to the table with clean numbers and clarity on what you want, but there’s room to move.

Thrive has more structure, especially if their offer includes performance-based earnouts. They expect involvement after close. That’s part of the deal. If you’re not planning to stay hands-on, there’s less room to negotiate.

Mars runs tighter; their deals are quick, all-cash, and scripted. They don’t often revise terms, which makes things simple, but also limits flexibility.

Key Negotiation Levers

Negotiation Area	NVA	Thrive	Mars
Structure Flexibility	High	Moderate	Low
Earnout Terms	Rare	Common	Unlikely
Exit Timing Options	Very flexible	Needs alignment	Firm
Post-Sale Autonomy	Often negotiable	Limited	Minimal
Staff Retention Plans	Discussed openly	Built into the model	Top-down decisions

Equity Rollovers and Partial Ownership Options

For sellers reviewing the equity rollovers and partial ownership options, the appeal is obvious: a second payday down the line. However, that potential return comes with delayed payout, limited liquidity, and a need to stay operationally involved.

Here’s what this decision often looks like:

Equity Rollover in a Deal	What You Gain	What You Risk
10-30% rollover into buyer’s parent entity (e.g., NVA)	Possible second payout at recapitalization (typically, 3-7 years out)	Future value depends on buyer performance and private equity timing
Minority co-ownership of your clinic (more common with Thrive)	Keeps you tied to clinical decision-making and future profits	Slower full exit, possible disputes on strategy or capital allocation

Note: Equity structures differ by buyer and deal terms. Ranges reflect deal trends, not formal guarantees.

NVA frequently proposes rollover equity as part of higher-multiple deals. Sellers often roll 15–25% of their proceeds into NVA’s parent platform, with the idea that they’ll cash out again during a recap event. Thrive sometimes offers a co-ownership model, especially in multi-DVM practices, where the seller stays on as medical director or regional lead.

Note: All rollovers aren’t structured equally. Some include board rights, whereas others don’t. Before accepting, review how ownership structures are changing across veterinary buyers and what it means for your liquidity, tax burden, and long-term role.

Transition Support: Staff, Clients, and Operations

The moment a deal closes, everything shifts, and your staff and clients feel it before the ink dries. Even with a generous offer, if the transition is rocky, trust gets tested fast. So, whether you’re selling to NVA, Mars, or Thrive, understanding what support looks like after the sale is just as important as the number on the offer sheet.

• NVA is known for softer transitions, and they often allow the clinic to operate under the same name, keep the current team in place, and give the seller room to set the tone post-close. Their approach is less about control and more about continuity.

• Thrive provides a structured onboarding, but it leans on the seller’s involvement. If you’re staying on, the plan will likely succeed. If you’re stepping away, the process becomes more rigid, with less emotional hand-holding for staff or clients.

• Mars handles transitions quickly and by the book. They plug your clinic into existing systems and expect things to run on their terms. If you’re seeking a clean break, that might be ideal. But for teams used to autonomy, the adjustment can be jarring.

Transition Factor	NVA	Thrive	Mars
Owner Involvement	Flexible	Required	Limited
Staff Integration Plan	Collaborative	Structured	Top-down
Client Messaging	Tailored, local	Joint effort	Centralized
Tech + Ops Changes	Gradual	Moderate	Immediate

Retention Timelines: How Long Do Sellers Stay After a Sale

Sellers often think of the “sale” as the end of the road, but for many buyers, it’s just the beginning of a structured handover. Retention timelines define how long you’re expected to stay involved after the clinic changes hands, and different buyers have very different expectations.

Let’s look at how this plays out by clinic profile:

1. Solo DVM Clinics

• NVA: 2-3 years expected to ensure continuity
• Thrive: Often, 12-18 months, and the schedule is flexible
• Mars: 60-90 days or less; full exit encouraged

2. Multi-DVM Practices (3+ providers)

• NVA: 12-24 months, often with regional leadership opportunities
• Thrive: 6-12 months with option to exit earlier
• Mars: 30-60 days; transition handled by buyer team

3. Specialty/Referral Clinics

• NVA: Extended stay preferred (24-36 months), especially with equity involved
• Thrive: Negotiable, but often includes a strategic support role
• Mars: 60-90 days unless tied to specific expertise

Timeline Band	Who It’s Right For
30-90 Days	Owners seeking immediate exit, minimal staff transition
6-12 Months	Sellers wanting phased withdrawal, client continuity
1-3 Years	Practices with high EBITDA, active growth, or leadership roles post-sale

Note: Retention timelines are estimated based on prior deals. Actual requirements should be confirmed in each contract.

Before you sign any deal, get clarity on what your post-sale responsibilities actually look like, both in writing and in real expectations. 

Non-Compete Clauses in Mars, Thrive, and NVA Acquisition Deals

After selling your clinic, you might be ready for a break, but that doesn’t mean you want to be boxed in for years. That’s why it’s worth paying close attention to the non-compete clause in any deal with Mars, Thrive, or NVA. These clauses set limits on where and how soon you can work in vet med again, and those limits aren’t always the same.

• NVA typically writes non-competes that range from 15 to 25 miles, lasting about 2-3 years. If you’re in a rural market, they may extend that radius, but they’re usually open to negotiation, especially if you’re not staying long-term. 
• Thrive builds non-competes into most deals, often similar in size, but they may stretch the rules if your role is larger or part of a group deal.
• Mars tends to be the strictest. Their contracts often include 25–30-mile exclusions for 3+ years, and they rarely tailor those terms.

Here’s a quick comparison:

Buyer	Distance	Time Limit	Willing to Adjust?
NVA	15-25 miles	2-3 years	Often, especially solo deals
Mars	25-30 miles	3-4 years	Unlikely
Thrive	15-20 miles	2-3 years	Possible in urban areas

Note: Non-compete terms vary widely. These figures are drawn from seller experiences and are not contractually universal.

Things to Clarify Before Signing:

• Does it limit investing in another practice?
• Can you do locum or part-time work elsewhere?
• Is there language covering remote or telehealth consulting?

Legal and Financial Due Diligence in Veterinary Acquisition Offers

Once you accept an offer, everything slows down and speeds up at the same time. You’re not negotiating anymore. You’re proving things. That’s what due diligence is: not about catching you in a lie, but making sure the business a buyer thinks they’re buying actually exists on paper.

For most clinic owners, this phase is where stress creeps in. Not because of anything shady, but because your daily focus hasn’t been on organizing tax returns or documenting staff contracts. Yet now, every file, lease, and payroll report matters.

NVA usually runs a collaborative process. They’ll assign a deal team and walk you through what’s needed. There’s room for dialogue, but you’ll need to be responsive. 

Mars, on the other hand, expects things buttoned up from the start. They don’t pause to untangle messy records. Thrive brings a growth-focused lens. If there’s an earnout in your deal, expect more questions around projections and operational plans.

You’ll Be Asked to Show:

• Profit and loss statements for the past 3 years
• Tax filings, owner compensation breakdowns, and add-backs
• Staff rosters with start dates, compensation, and roles
• Current lease agreement and renewal options
• Any past or pending legal claims, even minor ones

Maximizing Your Valuation Before Accepting an Acquisition Offer

Most sellers assume valuation is out of their hands, that the buyer sets the number, and all you can do is react. In reality, you control far more than you think. Buyers like NVA, Thrive, and Mars don’t just pay for income today; they pay for the stability and growth story you’ve built.

That means the prep you do before signing an LOI can shift your outcome by millions. A practice with patchy records and high turnover might fetch a baseline offer. 

The same practice, with strong EBITDA, a documented growth plan, and a locked-in team, can earn a multiple at the top of the range.

Levers That Push Multiples Higher

• EBITDA clarity: Eliminate owner perks from the books and standardize reporting.
• Staff retention: Put agreements in place with associates and techs so continuity is clear.
• Operational upgrades: Implement reliable EMR and payroll systems; buyers hate messy data.
• Client loyalty: Track wellness plan adoption, repeat visit percentages, and community reputation.
• Exit planning: Outline your role after the sale and show how the practice can run without you.

Exit Strategies: Immediate Payout vs Equity Retention in NVA Deals

When reviewing an offer from NVA, many practice owners jump straight to the number. But how that number is structured matters just as much as its size. Not every seller wants the same ending. Some want to retire, leave the clinic in good hands, and move on. 

Others want to cash out, but still be part of the future.  NVA allows for both; the key is knowing what you want before you see the offer. Exit strategy is also about money, control, timing, and the story you want to tell when you look back.

If You Want	Consider This Route
Fast retirement	Full cash-out
Low risk, no long-term ties	Immediate payout
Continued leadership role	Partial equity rollover
Long-term upside potential	Equity + performance model
A second liquidity event	Equity with future exit

Conclusion

Selling your veterinary practice is one of the biggest financial moves you’ll ever make, and there’s no room for shortcuts. The best offers come when you’ve done the prep: clean books, strong EBITDA, a loyal team, and a clear plan for what comes next.

NVA, Mars, and Thrive each have their own approach. Your job isn’t to chase the biggest number. It’s to match your priorities to the right deal structure; one that supports your clinic, your people, and your next chapter.

The more prepared you are: financially, operationally, and mentally, the more leverage you’ll have. The market is competitive, and if your practice is well-positioned, you can lead the process rather than react to it. Know your worth, ask better questions, and don’t settle for a deal that just looks good on paper.

FAQs

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